Hospitality Financial and Technology Professionals (HFTP®) and the Global Finance Committee (GFC) are preparing new 12th Revised version of the Uniform System of Accounts for the Lodging Industry (USALI). New version is expected at the end of 2022. The main change in the system is a new part titled: “Energy, Water, and Waste.”
“This is the first of many steps as environmental, social and governance objectives and measures will continue to change with the needs of our planet,” said GFC Communications Subcommittee Chair Ralph Miller. “The Global Finance Committee will proceed to work with international industry stakeholders to update reporting requirements as sustainability requirements change.”
HFTP and AHLA Sustainability Committee evaluated and enhances the Utilities-Schedule 9 in the USALI 11th version to turn into the brand new Energy, Water, and Waste (EWW) of the USALI 12th version. In 12th version we expect to have a new Schedule 9 and new EWW metrics part to align with present business metrics. The new metrics present improved monitoring and benchmarking of EWW cost and usage. Significant modifications from the 11th edition of USALI are reclassifying waste expenses from the Property Operations and Maintenance Schedule to the Energy, Water, and Waste (EWW) Schedule while also increasing Energy and Water with extra detailed accounts, descriptions and metrics.
In addition, the EWW-Schedule 9 focuses on the guidance to assist both large and small lodging properties to evaluate efficiency performance.
Energy, Water and Waste a new focus of 12th edition
The 12th edition of the Uniform System of Accounts (USALI) is now getting in its play and will govern how businesses throughout the world report their financial results. This edition has a focus on the lodging industry and its impact on the hotel property market.
The lodging industry is also one of the most energy-intensive. The total energy required to produce a room varies depending on the country, but on average it takes around 330 kWh to keep up a room. Given these factors, it’s no surprise that the lodging industry is keen to find ways to reduce its energy consumption. One way the industry is doing this is by incorporating energy efficiency measures into its projects.
The lodging industry is also keen to find ways to reduce its waste. This is not only because it is environmentally responsible, but also because it helps hotels save money. Studies have shown that businesses that reduce their waste by 50% can save between $200 and $1,000 per month. Both business and consumers have a stake in reducing waste. Businesses can save money by reducing the amount of material they produce, and consumers can lessen their environmental impact by reducing the amount of waste they create.
When it comes to reducing their environmental impact, businesses and consumers have many common goals. However, there are a few areas in which businesses and consumers often have different priorities. For example, businesses typically want to reduce waste while also maintaining cost savings, while consumers often want to reduce waste without damaging their budgets.
To properly reduce their waste, businesses and consumers should focus on 3 key strategies:
First, businesses should focus on reducing the amount of material they consume. By reducing the amount of material they use, businesses can reduce their waste output and save money.
Second, businesses should focus on recycling material. Recycling material can reduce the amount of waste that is produced, and it can also help businesses maintain cost savings.
Third, businesses should think about how they can reduce their waste footprint. By understanding their waste footprint, businesses can identify where they can reduce their waste output.